January closings up 6% from a year ago
Thursday, February 10, 2005

Inman News

Nashville, Tenn.

January home sales in the Greater Nashville, Tenn., area outpaced year-ago sales by a solid margin, according to figures provided through the Greater Nashville Association of Realtors. For January 2005 there were 2,111 home closings, up 6 percent from the 1,991 closings reported for January 2004.

“It is good to see that the housing marketing in Greater Nashville is beginning the year on with such a strong increase in closings,” said Richard Exton, president of GNAR. “With 2004 being another record year, everyone is very interested in seeing what will happen with home sales this year. Based on the number of closings in January, it appears that the market is still very active. And, with pending sales also increased, we can expect sales to remain strong, even if there is not a new record set every month.”

The median residential price for a single-family home during January was $154,000 and for a condominium it was $120,000. This compares with last year’s median residential and condominium prices of $135,000 and $117,900, respectively.

Inventory at the end of January was 12,761, lower than the inventory of 14,955 in January 2004.

“Inventory is down due, in part, to the continued growth in the number of closings and, in part, to the seasonal low historically seen following the holiday season.” Exton said. “While there are still plenty of homes on the market, we expect inventory to increase as we move more toward spring and consistently warmer weather.”

The average number of days on the market for a single-family home last month was 75 days, compared with 83 days for January 2004.

The Greater Nashville Association of Realtors is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.

Copyright 2005 Inman News

Cherry & Associates has affiliated with ITRA Realty Group to broaden the firm’s reach beyond the Volunteer State.

ITRA affiliates represent tenants and buyers in transactions and are required to have 10 years of industry experience. The group recently added North American affiliates in Las Vegas, Pittsburgh, San Antonio and Toronto and now has more than 50 offices on five continents.

Nashville-based Cherry will be renamed ITRA/Cherry & Associates and be able to partner with other firms in the ITRA network from the Pacific Rim, Australia and the Americas.

“Commercial office, retail and industrial tenants throughout Tennessee will literally now have a world of services and opportunities in almost every corner of the globe to help them with their real estate leasing and acquisition needs,” says Mylinda Vick, principal at ITRA/Cherry.